These are body of doctrines commonly associated with the theory and procedures of accounting serving as an explanation of current practices . 

They act as guide for selection of accounting procedures or conventions where alternative exists.  Accounting principle must satisfy following conditions:-

 1.They should be based on Real Assumptions.

2.They must be Simple, Understandable and Explanatory.

3.They must be followed consistently.

4.They should Reflect Future Predictions.

5.They should be Informational for users.

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